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ARTICLE VI <br />EVENTS OF DEFAULT <br />Section 6.1 Events of Default Defined. The following shall be "Events of Default" <br />under this Agreement and the term "Event of Default" shall mean whenever it is used in this <br />Agreement any one or more of the following events, subject to applicable notice and cure <br />periods: <br />(1) Failure by the Developer to timely pay or cause to be paid any ad valorem real <br />property taxes or special assessments assessed with respect to the Development Property. <br />(2) Failure by the Developer to cause the construction of the Minimum Improvements <br />to be completed pursuant to the terms, conditions and limitations of this Agreement and/or any <br />issued permits for the Minimum Improvements. <br />(3) If the Lease shall be terminated or the operations under the Lease discontinue at <br />the Minimum Improvements. <br />(4) Failure of the Developer to observe or perform any other covenant, condition, <br />obligation or agreement on its part to be observed or performed under this Agreement. <br />(5) The holder of any mortgage on the Development Property, or any improvements <br />thereon, or any portion thereof, commences foreclosure proceedings as a result of any default <br />under the applicable mortgage documents. <br />(6) If the Developer shall: <br />(a) file any petition in bankruptcy or for any reorganization, arrangement, <br />composition, readjustment, liquidation, dissolution, or similar relief under the United <br />States Bankruptcy Act of 1978, as amended or under any similar federal or state law; or <br />(b) make an assignment for the benefit of its creditors; or <br />(c) admit in writing its inability to pay its debts generally as they become due; <br />or <br />(d) be adjudicated as bankrupt or insolvent; or if a petition or answer <br />proposing the adjudication of the Developer, as a bankrupt or its reorganization under any <br />present or future federal bankruptcy act or any similar federal or state law shall be filed in <br />any court and such petition or answer shall not be discharged or denied within 60 days <br />after the filing thereof, or a receiver, trustee or liquidator of the Developer, or of the <br />Minimum Improvements, or part thereof, shall be appointed in any proceeding brought <br />against the Developer, and shall not be discharged within 60 days after such appointment, <br />or if the Developer, shall consent to or acquiesce in such appointment. <br />19 <br />LL185\61\675612.v1 <br />